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What is Meant by Inelastic Demand? - Economics

What is meant by inelastic demand?

Give the meaning of inelastic demand.

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Solution

When a large change in the price does not bring so much change in the demand, the demand is said to be inelastic. In this situation, percentage change in demand is lesser than the percentage change in price.

Concept: Demand
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2017-2018 (March) All India Set 3
Q 6
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2017-2018 (March) All India Set 3 (with solutions)
Q 6 | 3 marks
2013-2014 (March) All India Set 2 (with solutions)
Q 3 | 1 mark
2017-2018 (March) All India Set 1 (with solutions)
Q 6 | 3 marks
2017-2018 (March) All India Set 2 (with solutions)
Q 5 | 3 marks
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